Marketing Quantitative Research on SMEs Organizational Consumer Behavior in Braşov regarding the Use of Financial Advisory Services

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1 Ecnmic Insights Trends and Challenges Vl. II (LXV) N. 2/ Marketing Quantitative Research n SMEs Organizatinal Cnsumer Behavir in Braşv regarding the Use f Financial Advisry Services Carmen-Magda Niclae, Timtei Vieraşu Transilvania University f Brasv, Clina Universitatii, Brasv, Rmania carmen.niclae@unitbv.r; timtei_vierasu@yah.cm Abstract The paper cntains results f a quantitative marketing research n rganizatinal cnsumer s behavir in SMEs in Braşv Cunty, n the use f financial advisry services. The research purpse is t prvide scientific infrmatin t substantiate marketing strategies f financial advisry firms used t address the SMEs sectr. Issues addressed include identifying types f utsurced financial advisry services and determining the use f these services by SMEs in Braşv. Statistical tls were used in rder t test the wrking hyptheses. Key wrds: marketing, financial advisry, SMEs, cnsumer behavir, rganizatinal cnsumer JEL Classificatin: M31 Intrductin Marketing research fulfills a cnnecting functin between the marketing cmpnents, such as the buyer, the cnsumer and the general public, and the marketing specialist in the attempt t btain infrmatin that identifies and defines pprtunities and challenges, generates, clarifies and evaluates marketing actins, mnitrs marketing perfrmance and prvides understanding f marketing as a prcess (American Marketing Assciatin, Cmmittee n Definitins, 1960). Marketing research prcess is divided int several stages and it is used t explre marketing pprtunities and prblems, t mnitr marketing perfrmance, t evaluate and t imprve marketing actins fr a better understanding f marketing and markets (Gerhld, P., 2006). Cnsumers are becming mre demanding n quality f life and the way this is affected by their cnsumptin, these pressures leading t increased scial respnsibility f firms (Funaru, Mihaela, 2010, p.191). Therefre, knwledge f cnsumer behavir, including rganizatinal cnsumer behavir is particularly imprtant fr the cmpany. Thus, marketing research is a useful tl fr accmplishing this bjective. The main methd f btaining primary data is the survey. This invlves cmmunicatin with subjects that are part f a representative sample f the ppulatin under cnsideratin. Sample survey is a survey designed t measure r examine smething in an enterprise applicatin.

2 56 Carmen-Magda Niclae, Timtei Vieraşu Investigatins based n pinin plls invlve interviewing survey respndents. They are asked t answer a variety f questins abut their behavir, intentins, attitudes, their mtivatins, including demgraphic data n their characteristics and lifestyle. Investigatins usually aim t find purchase and cnsumptin behavirs, t knw pinins and attitudes, t find the values prvided by buyers r cnsumers. The use f structured questinnaire is specific t this methd. This research tl refers t a degree f standardizatin impsed by the data cllectin prcess. The questinnaire cnsists f questins arranged in sme lgical rder, the answers t the predefined questins. The respndent must chse ne r mre ptins. Amng the advantages f investigatin we can mentin the fllwing aspects: 1. The questinnaire is easy t administer; 2. The data btained are reliable because the answers are limited t thse predefined; 3. Cding, data analysis and interpretatin are relatively simple. The biggest prblem in achieving a questinnaire is the lack f thery. There are n scientific principles t guarantee the ptimal r ideal questinnaire; its design is rather the result f research skills and experience. Type f Research Previus research cnducted amng financial advisry firms in Braşv Cunty shwed that nt enugh infrmatin is knwn abut rganizatinal cnsumer behavir in small and medium enterprises (SMEs). The results btained frm the analysis and interpretatin f data frm a qualitative research were used t substantiate the basis fr a quantitative research cvering SMEs in Braşv. Infrmatin btained frm the research will be useful t financial advisry firms in develping plicies and marketing strategies fr their SME s client. In rder t identify the way in which small and medium enterprises turn t financial advisry services, a quantitative marketing research has been cnducted n the use f specialized financial advisry services utsurced by SMEs in Braşv Cunty. The sample size is f 385 SMEs. The research instrument is a questinnaire cmprising 28 questins. The questinnaire was drawn frm the bjectives and directly administered t the sample members at their headquarters. Respnses t questins were cllected thrugh direct survey methd, in face-t-face interviews, carried ut ver a perid f 20 t 30 minutes. Respndents are managers in small and medium enterprises: CEOs, CFOs, accunting fficers. The subjects answered all questins cntained in the questinnaire and respnses were cmplete and accurate. Ppulatin under Investigatin Quantitative marketing research was cnducted amng small and medium enterprises that have registered headquarters in Braşv, thrugh their representatives with respnsibilities in the field f financial activities: assciates, directrs, business managers, accunting fficers, directrs, dealers, accuntants. SMEs were gruped int fields: industry, cnstructin, trade, services, agriculture, fisheries and frestry. Statistics n small and medium businesses sectr in Braşv were btained frm Braşv Statistics and are updated in the year 2012.

3 Marketing Quantitative Research n SMEs Organizatinal Cnsumer Behavir in Braşv regarding 57 Field f activity Table 1. The size and structure f the studied ppulatin Ttal until 9 emplyees Between emplyees Between emplyees Industry Cnstructin Trade Services Agriculture, fisheries and frestry Ttal Surce: Braşv Cunty Statistics The framewrk als includes the ppulatin f SMEs that has the main field f activity financial advisry services because they may be beneficiaries f utsurced financial advisry services, ffered by ther cmpanies. Sample s Size and Structure The subjects f the sample were selected based n a randm sampling methd (prbabilistic), a methd which generates a representative sample in statistic terms fr the studied ppulatin. Prprtinate stratified sampling was used, depending n the industry and cmpany size, in rder t ensure representatin frm the pint f view f the sample s size and structure. The sample s size fr a randm sampling can be determined by the precisin f errr s estimatin and cnfidence interval. We will cnsider a level f permissible errr f ± 5% and a cnfidence level f 95%. Accrding t the distributin table, these values crrespnd t the value f Due t lack f infrmatin abut p, it will be cnsidered by 50%, which leads t maximum standard deviatin that can be btained fr percentage (binary scale). The sample s size fr percentage can be determined using the fllwing frmula: n z 2 p q 2 E where: z² - squared cefficient crrespnding z cnfidence level; p - the estimate f the percentage in case f success; q - the estimate f the percentage in case f failure; E - the permissible errr in percent; n - the sample s size. Thus, we have: = (1) q = 100 p (2) 1,96 = = 384, n (3) Accrding t this frmula, the prpsed sample shuld be f apprximately 385 cmpanies. Because the size f the chsen sample is lwer than 5% f the ttal ppulatin f 17,777 SMEs, sample s recvery is nt required.

4 58 Carmen-Magda Niclae, Timtei Vieraşu In this research, the unit f bservatin is the persn that prvides cllected data, a representative f SMEs management, familiar with financial activities f the cmpany: assciate, managing directr, financial directr, chief accuntant, sales manager, accuntant. Limits f the Research The presented quantitative research has a number f limitatins arising frm the used research methd, the sampling prcess, the cmplexity f the theme and hetergeneity f the subjects in terms f their financial literacy. Thus, it has been stated: The researched cmmunity was represented by small and medium enterprises in Braşv, but the final sample cnsisted f a small number f SMEs, members f the Chamber f Cmmerce and Industry Brasv. Cnstructin f the SMEs sample fr Braşv Cunty culd determine inclusin in the sample f sme inactive firms; Because the studied ppulatin is lcated in Brasv Cunty, the pssibility f extraplating the results t the entire natinal ecnmy is lw. T d this wuld require a natinally representative sample; T answer the questins prvided by the questinnaire the respndents must have minimum f knwledge abut financial cnsulting, t avid systematic errrs due t wrng r incmplete answers. Fr the interviewer is quite difficult t achieve n time an assessment f financial literacy f the subjects, especially thse wh pssess average training: managers f beauty salns, cnstructin cmpanies and interir design firms. The researchers attempted t restrict these bstacles thrugh a rigrus selectin f questins cntained in the questinnaire and by using mre accessible terminlgy; Because subjects are nt annymus, they shw sme reluctance t cmmunicate financial aspects relating t amunts paid t cnsulting vendrs; Using indices with a structure chsen by the researcher in rder t capture specific elements f financial advisry. The Presentatin f the Research Hyptheses The type f research presented in this paper is descriptive explanatry quantitative research. The research can be regarded as descriptive because it describes the situatin in Braşv Cunty n the use f financial advisry by small and medium-sized cmpanies. The research is based n the fllwing general assumptins: Hypthesis 1: 80% f SMEs in Braşv area use at least tw types f financial advisry services utsurced. Hypthesis 2: Depending n the size f the firm, managers f SMEs shw a strnger tendency t use utsurced financial advisry services. Statistical hyptheses linking the general assumptins and variables investigated are: Hypthesis 1: H0: The average f index the number f utsurced financial advisry services used by SMEs = 2. H1: The average f index the number f utsurced financial advisry services used by SMEs > 2. Hypthesis 3: H0: There is n assciatin between the size f the cmpany and the index the number f utsurced financial advisry services used by SMEs.

5 Marketing Quantitative Research n SMEs Organizatinal Cnsumer Behavir in Braşv regarding 59 H1: There is assciatin between the size f the cmpany and the index the number f utsurced financial advisry services used by SMEs. Quantitative marketing research cnducted had the fllwing bjectives: 1. T identify the types f specialized financial advisry services used by small and medium-sized businesses in Braşv Cunty. 2. T determine the use f specialized financial advisry services utsurced by SMEs in Braşv Cunty. The Tests f Research Hyptheses Hypthesis 1 states that 80% f SMEs in Braşv Cunty use at least tw types f utsurced financial advisry services. Student t test is applied. Table 1. Indicatrs f the sample descriptive statistics N Mean Std. Deviatin Std. Errr Mean indices 385 1,4597 1, ,07243 Surce: authrs prcessing f data frm quantitative research One-Sample Statistics It is nted that the sample average is lwer than the theretical value determined by statistical assumptins as 2. It is raised the questin f testing the extent t which this difference is large enugh s as nt t be due nly t the selectin f a certain sample ut f several pssible samples (Cnstantin, C., 2006). The decisin n the significance f the difference is based n a statistical test applied accrding t a certain prbability f guarantee the results. It shuld be nted that generally it is nt allwed t guarantee the results with a prbability f less than 95%. With SPSS system will be applied Student t test fr testing the significance f difference, resulting in the fllwing data (Cnstantin, C., 2006): Table 2. Data btained frm the Student t test One-Sample Test Test Value = 2 t df Sig. (2-tailed) Mean Difference 95% Cnfidence Interval f the Difference Lwer Upper indices -7, ,000-0, ,6827-0,3978 Surce: authrs prcessing f data frm quantitative research Thus, if the minimum level f significance that we can accept hypthesis H1 (Sig - 2 tailed) takes the value 0.05, it means that we can guarantee that maximum likelihd results is 95%. Any value f the significance level less than 0,05 leads t a prbability greater than 95%. By default, any value f minimum significance level fr which is acceptable hypthesis H1, greater than 0.05 leads t a maximum likelihd t guarantee alternative hypthesis less than 95%, which is generally nt accepted. Therefre, the decisin rule is: If Sig. <0.05, we accept the alternative hypthesis, meaning that there is a difference frm the value determined by statistical assumptins. If Sig. > 0.05, the null hypthesis is accepted, meaning that there is n significant difference statistically frm the value determined by assumptins.

6 60 Carmen-Magda Niclae, Timtei Vieraşu In Table 2 we can see that Sig - 2 tailed = 0. This means that we can guarantee a 100% prbability that the average f index the number f utsurced financial advisry services used by SMEs, in the ppulatin studied, is different frm the value 2. It als ntes that the critical rati value (-7,459) is negative, which leads t the decisin that in the ppulatin studied the average f index the number f utsurced financial advisry services used by SMEs, will be lwer than 2 (Cnstantin, C., 2006 ). In ther wrds, less than 80% f SMEs in Braşv Cunty use at least tw types f utsurced financial advisry services. Hypthesis 2 states that depending n the size f the cmpany, managers f SMEs shw a strnger tendency t use utsurced financial advisry services. In rder t test this hypthesis we used the crrelatin cefficient Kendall s tau-c, which is rdinary, used fr rdinal variables. This cefficient tests the assciatin between tw rdinal variables. We cnsider the variable cmpany size as rdinal, as well as the index the number f utsurced financial advisry services used by SMEs because it cunts the number f financial advisry services used. The cefficient has values between [-1, 1]; the calculatin f this rati takes int accunt the pairs cntaining different ranks. The statistical assumptins are fllwing: H0: There is n assciatin between the cmpany size and the index the number f utsurced financial advisry services used by SMEs. H1: There is assciatin between the cmpany size and the index the number f utsurced financial advisry services used by SMEs. These statistical assumptins turn int: H0: The cefficient is nt significantly different frm zer. H1: The cefficient is significantly different frm zer. In rder t test hypthesis 2 Depending n the size f the cmpany, managers f SMEs shw a strnger tendency t use utsurced financial advisry services, the researcher built an index f cunt type frm the questinnaire variables. The index measures the number f utsurced financial advisry services which are used by SMEs. The index has a theretically scre f 10 and minimum 0 (when it is nt used any utsurced financial advisry service). Table 3. The average number f utsurced financial advisry services which are used by SMEs Case Summaries (a) index Yur cmpany fits int the next categry Middle firm Ttal N 8 Mean 2,1250 Small business Ttal N 37 Mean 1,6216 Micr-enterprise business categry Ttal N 340 Mean 1,4265 Ttal N 385 Mean 1,4597 a. Limited t first 385 cases Surce: authrs prcessing f data frm quantitative research

7 Marketing Quantitative Research n SMEs Organizatinal Cnsumer Behavir in Braşv regarding 61 Table 4. Kendall s crrelatin cefficient tau-c Value Asymp. Std. Errr(a) Apprx. T(b) Ordinal by Ordinal Kendall s tau-c -0,040 0,027-1,477 0,140 N f Valid Cases 385 Symmetric Measures Apprx. Sig. a Nt assuming the null hypthesis. b Using the asympttic standard errr assuming the null hypthesis. Surce: authrs prcessing f data frm quantitative research Accrding t Table 4, the crrelatin cefficient is and it is significant at a prbability guarantee results f 95% and a significance level equal t The significance level is greater than therefre it is accepted the null hypthesis. This means that the Kendall s crrelatin cefficient tau-c is nt significantly different frm zer. There is n relatinship between firm size and the index the number f utsurced financial advisry services used by SMEs. Cnclusins The results f quantitative research cnducted amng SMEs in Braşv Cunty, Rmania revealed the fllwing aspects: 1. Less than 80% f SMEs in Braşv Cunty use at least tw types f utsurced financial advisry services. 2. The mst cmmnly used services are accunting services, tax advisry services and insurance advisry services. 3. There is n assciatin between cmpany size and the use f utsurced financial advisry services. This infrmatin will be used t substantiate the marketing strategies f financial advisry firms in Brasv Cunty, Rmania in addressing the SME sectr. Acknwledgements This paper is supprted by the Sectral Operatinal Prgramme Human Resurces Develpment (SOP HRD), ID76945 financed frm the Eurpean Scial Fund and by the Rmanian Gvernment. References 1. Arens, F.W. - Cntemprary Advertising, Irwin McGraw-Hill, Bstn, B a i n e s, P.I., F i l l, C., Page, K. - Marketing. University Press, Oxfrd, B a l a u r e, V., C ă tiu, I. - Marketing, Uranus Publishing Huse, Bucharest, B a l a u r e, V., P p e s c u, E.C., Ş erbă nică, D. - Tehnici prmţinale, Metrpl, Bucharest, B ă l ăşescu, M. - Marketing, Transilvania University Publishing Huse, Braşv, B ă l ăşescu, M. - Cercetări de marketing, Transilvania University Publishing Huse, Braşv, Belch. O.E., Belch, M.A. - Advertising and Prmtin: an Integrated Marketing Cmmunicatins Perspective, McGraw Hill-Irwin, Bstn, Bessn, R. - Service Detailing a Strategic Marketing Apprach, Lexingtn Bks, New Yrk, 1987.

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